中文翻译
这取决于你认为光电子市场规模有多大，以及你认为超大规模运营商会投入多少价值来保障供应链安全。如果看看$SNDK和NAND，我们已经见识过类似的情况。你越往产业链下游走，比如激光器或成品光收发器，通常收入和利润率都更高。但如果你是双寡头，且在原料和基材两方面都占据着一个关键瓶颈，那么我认为一家$2B的公司在AI以光电子技术扩展的未来有很大的重新估值空间。
· 供应链分析
双寡头把控原料和基材瓶颈，小市值光电子公司具重估潜力。
涉及标的： $SNDK
英文原文
Depends how big you think photonics is and how much value you think hyperscalers would place to secure their supply chain. If you look at $SNDK and NAND, we’ve already seen what it’s like. The more downstream you go like lasers or finished transceivers typically have higher revenue/margins. But if you’re a duopoly and hold a major chokepoint around both feedstock and substrates, I think there’s a lot of room for rerating a $2B company when the future of AI is scaled with photonics.